Source: blueandgreentomorrow.com, timesofindia.com
The BRICS group, made up of Brazil, Russia, India, China and South Africa, have established their own international bank, to promote sustainable investment and to act as an emergency reserve. In a declaration, the nations said: “BRICS continue to face significant financing constraints to address infrastructure gaps and sustainable development needs ....These initiatives show that, despite our diversity, our countries are committed to a solid and productive association," Brazilian President Dilma Rousseff said at a summit in the northeastern seaside city of Fortaleza.
To ease worries of any nation getting more power than the other, BRICS leaders agreed to put the bank's headquarters in Shanghai. The first president will be Indian while the first board chair will hail from Brazil. Read more...